Amber Park sold en bloc for $906.7m

The owners are expected to receive between $4.3 million and $8.3 million from the successful sale. (Photo: JLL) The Amber Park condominium at Amber Gardens has been sold via collective sale on its fourth attempt to City Developments Limited (CDL) and joint venture partner Hong Realty for $906.7 million, said marketing agent JLL. This is Singapore’s largest freehold collective sale by dollar value, and the sale price works out to about $1,515 psf per plot ratio based on the allowable gross plot ratio of 2.8. No development charges are payable for the site. The 213,670 sq ft site is zoned residential under the 2014 Master Plan. It could be redeveloped into a high-rise apartment of around 24 to 26 storeys, depending on the technical height controls imposed by the government. According to JLL, the tender exercise was keenly contested and attracted a total of eight bidders. Loc...